We are pleased to announce that Rymarz Zdort advised the Bank Guarantee Fund (the “BFG”) on the resolution process of one of the largest commercial banks in Poland, Getin Noble Bank S.A. (“GNB”). The resolution process was implemented due to the threat of the bankruptcy of GNB.
As part of the resolution and in order to ensure uninterrupted service to customers, a selected business of GNB was transferred to a bridge institution, Bank BFG S.A. (ultimately, VeloBank S.A.) controlled by the BFG. In addition to the BFG, Bank BFG S.A. is co-owned by Commercial Bank Protection System S.A. (“CBPS”), which was established by the eight largest commercial banks operating in Poland.
Non-repayable support in the amount of PLN 10.34 billion (EUR 2.15 billion) was provided to conduct the restructuring process and ensure the security of client funds, with PLN 6.87 billion (EUR 1.43 billion) coming from the BFG’s own funds and PLN 3.47 billion (EUR 723 million) from funds provided by SOBK.
“We are delighted to have had the opportunity to support our client in the largest restructuring conducted by the Bank Guarantee Fund in Poland to date, and one of the largest in Europe. Planning the entire process required not only comprehensive legal expertise on our part, but also extensive transactional experience. The success of Getin Noble Bank’s resolution ensures that the sector’s financial stability has been maintained and that the customer deposits worth over PLN 40 billion are protected.” – says Magdalena Pyzik-Waląg, a partner heading the Restructuring, Insolvency and Distressed Asset Investments practice at Rymarz Zdort.
The project team comprised: Magdalena Pyzik-Waląg (partner), Katarzyna Łukaszewicz (counsel), Szymon Cieniawski (senior associate), Michał Burek (associate), Hubert Derdowski (associate), Magdalena Żukowska (associate), Karolina Jerzyk (paralegal),) and Adam Drgas (paralegal).
Advice on merger clearance aspects was rendered by: Iwona Her (partner), Irmina Wątły (counsel) and Kamil Kłopocki (associate).